United Cannabis Corp (OTCMKTS:CNAB) has posted record sales for its Prana products just days after announcing plans to start industrial processing of hemp, for the extraction of cannabinoids, terpenes among other compounds. The announcement further validates the company’s growth prospects in an industry that is expected to experience robust growth as more states legalize medical marijuana.
Prana Product Strong Demand
Record sales come on the company starting to work directly with patients through its Harborside Healthcare partner. The two have seen an increase in the number of patients enrolling in the ACT Now Program that offers customized combination of Prana products.
“Harborside Health Center is the gold standard for patient care, and this growth in revenue is a direct result of the positive effect that Prana is having on the lives of their patients,” said Chief Technology officer Tony Verzura.
The sentiments have already fueled strong interest on United Cannabis on the Street, seen by the stock closing in on its 52-week high of $2.96 a share.
Hemp Industrial Processing
A move to start processing industrial hemp is expected to bolster the company’s growth prospects given that it will be able to use the compounds on its existing and future products. Nine states have already approved the licensing of such programs further validating the company’s target market.
“Our expertise in plant genetics and extraction technologies, combined with the vast array of grower’s right in our backyard, makes this venture a natural evolution for United Cannabis,” said Chief operating officer, Chad Ruby.
By pursuing industrial production Chief executive officer, Earnest Blackmon, expects the same to go along way enlarging the company’s portfolio of compounds in the cannabis space.
Meanwhile, United Cannabis Corp (OTCMKTS:CNAB) has confirmed that its products will from now on, be available at the OC3 dispensary in Santa Ana California, further expanding the company’s footprint in Southern California. Some of the products that consumers can buy include award winning Prana Bio Nutrient medicinal.